Jumbo loan limits remain the same in 2011

The loan limits on jumbo conforming loans will remain unchanged for the first nine months of 2011 the Federal Housing Finance Administration said Friday. The agency recently enacted a congressional continuing resolution to maintain the limits.
The maximum jumbo loan limit is generally $417,000, but can go as high as $729,750. Loan limits vary by county and are the greatest in "high-cost" areas, meaning the top 20 major metropolitan areas across the U.S.
President and founder of Total Mortgage Services John Walsh told HousingWire in a recent interview he believes that the loan limit should extended to its fullest in every city.
"My thought is you should expand that increased conforming loan limit countrywide because a lot of people fall between $417,000 and $729,750," Walsh said. "It would put a lot more people in the purchase market that wouldn't necessarily qualify under the jumbo program."
A full list of conforming jumbo loan limits can be found here.
Write toChristine Ricciardi.

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